Funding you earn now, next payment 00:00 UTC−0.0605%/8h= −66.3% APRnext payment −$6.05 per $10,000 · paid last 24h −0.032%
Price spread now: Gate against Bybit+0.147%7-day average +0.265% · you sell dearer than you buy
Net, funding: paid 7d − costs−$358as in the Funding arb table
Net, price: spread back to 7d avg − costs−$344as in the Price arb table
costs, in and out, $10k−$3323.322% of the position
Funding, last 7 days−0.255%−$25 on $10k
+Price spread, last 4 days (all we have)+0.019%+$2 · spread now +0.147%, 7d avg +0.265%
=Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Gate is 0.119% cheaper against Bybit than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.265%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.255% in total (about -13.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$6.05 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit MERLUSDT | 0.02726 | 0.0705 | pay 0.0705% / 8h | 29m 13s | $1.2M | $447K | 25x |
| Short | Gate MERL_USDT | 0.02730 | 0.0100 | get 0.0100% / 8h | 29m 13s | $252K | $66K | 25x |
Bybit MERLUSDT
Gate MERL_USDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Gate against Bybit. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$127.15
- Price spread: +0.147% → +0.265%
- −$11.85
- Slippage, 4 orders
- −$306.22
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Gate: 7.5 bp × 2 orders
- −$15
- Net
- −$471.22
- Costs to cover
- 3.322%
- Break-even
- never at this rate
Slippage from Bybit: live order book, 1 min ago; Gate: live order book, 42 min ago.
Cost to enter
taker fee + slippage from the mid, one side; closing costs about the same again| Leg | Half-spread | $10k | $100k | $1M | $5M |
|---|---|---|---|---|---|
| Buy Bybit live order book, 1 min ago | 3.67 bp | 94.6 bp −$95 | doesn't fit | doesn't fit | doesn't fit |
| Sell Gate live order book, 42 min ago | 5.51 bp | 71.4 bp −$71 | doesn't fit | doesn't fit | doesn't fit |
MERL on 16 venues
lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International MERL-PERP-INTX | −0.0136% | 1h | 0.02726 | +0.004% | $26K | $509K | 50x | as long as short |
| Deribit MERL_USDC-PERPETUAL | +0.0006% | 1h | 0.02736 | +0.348% | $47K | $59K | 10x | as long as short |
| BloFin MERL-USDT | +0.0084% | 4h | 0.02733 | +0.257% | $120K | $3K | 50x | as long as short |
| Orderly PERP_MERL_USDC | +0.0098% | 4h | 0.02733 | +0.257% | $14K | $2K | 10x | as long as short |
| Hyperliquid MERL | +0.0100% | 1h | 0.02740 | +0.506% | $439K | $133K | 3x | as long as short |
| Aster MERLUSDT | +0.0100% | 4h | 0.02732 | +0.216% | $3K | $427 | 5x | as long as short |
| Binance MERLUSDT | +0.0100% | 4h | 0.02734 | +0.304% | $1.8M | $2.1M | 50x | as long as short |
| OKX MERL-USDT-SWAP | +0.0100% | 4h | 0.02734 | +0.293% | $1.3M | $2.5M | 20x | as long as short |
| Gate MERL_USDTshort | +0.0100% | 8h | 0.02730 | +0.147% | $252K | $66K | 25x | |
| MEXC MERL_USDT | +0.0100% | 4h | 0.02735 | +0.330% | $14.4M | $115K | 100x | as long as short |
Coinbase International MERL-PERP-INTX
Deribit MERL_USDC-PERPETUAL
BloFin MERL-USDT
Orderly PERP_MERL_USDC
Hyperliquid MERL
Aster MERLUSDT
Binance MERLUSDT
OKX MERL-USDT-SWAP
MEXC MERL_USDTShow all 16 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin MERLUSDTM | +0.0100% | 4h | 0.02731 | +0.183% | $880K | $64K | 30x | as long as short |
| Bitget MERLUSDT | +0.0100% | 4h | 0.02740 | +0.514% | $1.6M | $285K | 25x | as long as short |
| Variational Omni MERL | +0.0100% | 8h | 0.02723 | −0.122% | $9K | $188 | — | as long as short |
| SunX MERL-USDT | +0.0100% | 4h | 0.02726 | 0.000% | $2K | $1.0M | 20x | as long as short |
| BingX MERL-USDT | +0.0656% | 4h | 0.02734 | +0.293% | — | $6.7M | — | as long as short |
| Bybit MERLUSDTlong | +0.0705% | 8h | 0.02726 | long leg | $1.2M | $447K | 25x |
KuCoin MERLUSDTM
Bitget MERLUSDT
Variational Omni MERL
SunX MERL-USDT
BingX MERL-USDT